Fresh this hour, the Federal Reserve’s independent watchdog finding no evidence of criminal wrongdoing or of administrative misconduct in its building renovations. The Fed’s favorite inflation gauge cools more than expected in August. Plus, how Chinese spies used love and betrayal to target the institution.

One week after a friendly summit between Chinese President Xi Jinping and U.S. President Donald Trump, CNBC details an aggressive plot by China to infiltrate one of the United States’ most important institutions: the Federal Reserve. This explosive documentary delves into the incredible saga of a Chinese spy's effort to obtain secrets from the inner confines of the US top bank. It's a tale of sex, money, deceit and betrayal that put some of the country’s vital economic and financial secrets at risk. With exclusive access to new documents, audio, photos and text messages, CNBC's Senior Washington Correspondent Eamon Javers uncovers the story of former Fed economist John Rogers and a Chinese spy posing as an economics student who he befriended in 2013. “Inside Man” is a spy story at the heart of the competition for global economic dominance, posing the question of whether Rogers was a spy himself or an unwitting dupe. Watch the full documentary, read the article and explore excerpts from Rogers’ text message history here: cnbc.com/insideman

All the news from OpenAI’s Developer Day as Sam Altman takes the stage. Plus, the Senate advances a bill that could re-shape the lucrative name, image, and likeness (NIL) deals for student athletes.

Nvidia launches an AI security platform to contain AI agents. Bank of America says the consumer spending is still growing, but buyers are getting choosier. Plus, why a diesel export ban could push gas prices even higher.

The so-called “Bond King of Texas” says the Fed made a mistake hiking rates. Stocks pop and oil prices sink on reports U.S.-Iran talks have entered the technical stage, but Helima Croft, who served as a commodities analyst at CIA, says seemingly nothing has truly shifted in negotiations. Plus, are mortgage rates above 7% the new normal?

Long-term yields above 5% present a good deal of “shock value” to the markets, but are likely over-rated as a driver of the economy, according to CIO Group’s Steven Wieting. Utilities under pressure amid those rising rates, and trader Jeff Kilburg is going bargain hunting. Plus, AEI’s Derek Scissors says the pageantry around Chinese President Xi’s first state visit in 11 years is setting the stage for a political clash between President Trump and other members of the GOP.

Yields, and rate hike expectations, climb on strong manufacturing data. With President Trump pushing back on creating a global entity for AI oversight, will a visit from Chinese president Xi Jinping’s be more show than substance? Plus, legendary real estate developer Richard LeFrak’s warning amid higher rates.

Meta’s Muse is a hit with Main Street, but is the next phase of AI enough to keep the trade alive on Wall Street? Peloton launches a new suite of products. Plus, how muni bonds are coming to the rescue when it comes to climate disasters.

The Nasdaq is climbing 2% as semiconductors and tech stocks rally. Meta having its third-best month on record amid investor optimism about its Muse personal agent app. And we look at whether Nike is nearing a bottom, as shares hit a 12-year low

Our market guest’s favorite big AI name used to be Microsoft but now says Nvidia is too cheap to ignore. Plus, the AI safety debate is heating up in Washington and across the country. And the iPhone 18 Pro and Pro Max are launching today, but Wall Street is already looking ahead to next month’s Duo launch.